Multifamily

Robbins Electra Acquires Multifamily Community in South Florida for $61.2M

by John Nelson June 2, 2017

MIAMI — Robbins Electra has acquired The Broadwater at the Hammock Apartments, a 424-unit multifamily community located at 15000 S.W. 104th St. in Miami. Robbins Electra purchased the asset from HRA Broadwater for $61.2 million. Broadwater’s community amenities include two swimming pools, a fitness center, jogging trail, sand volleyball court and an indoor racquetball court. Larry Stockton, Jeff Resnick, Jaime Rodriguez and Alex Morcate of Colliers International represented both parties in the off-market transaction. Robbins Electra plans to rebrand the property Lago Paradiso and renovate the interiors and community amenities.

June 2, 2017

Florida Multifamily Southeast

Passco Purchases Apartment Property in Metro Tampa for $49.7M

by John Nelson June 2, 2017

RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.

June 2, 2017

Market Reports Multifamily Texas Texas Market Reports

Fort Worth Multifamily Market: Boom Town for the Foreseeable Future

by Taylor Williams June 2, 2017

To many people, Dallas and Fort Worth are one and the same. But to local Texans, they are two distinctly different cities in which to work, live and play. And to investors, the fundamental strategies are drastically different. Many consider Fort Worth to be the region’s cultural center and the “cooler” place to live. In terms of job growth, both cities are booming and are magnets for young, talented professionals. With this job growth comes a burgeoning multifamily market with future potential that is sure to remain strong. Here’s why. Job growth in the region continues to outpace the national average by more than 50 percent, and the Dallas-Fort Worth metropolitan area is ranked among the highest-growth metro territories in the country. More than 100,000 jobs have been added over the past year, thanks in large part to major corporate relocations and expansions. Toyota and Liberty Mutual are examples of two major companies committed to growth in the local market. In addition, over the next five years, the demographic of 20- to 34-year-olds is projected to increase by close to 100,000 people – one of fastest rates in the country. These millennials typically prefer to rent and are less likely …

June 2, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Sims Secures $98M Financing for Senior Housing Facility in Lancaster, Pennsylvania

by Haisten Willis June 1, 2017

LANCASTER, PA. — HJ Sims has secured $98 million in financing for Brethren Village, a continuing care retirement community in Lancaster. In 2016, Brethren hired Sims to serve as senior managing underwriter for the proposed refinancing of 2008 bonds on the facility. Sims worked with Brethren Village’s independent municipal advisor to pair the refinance with financing to develop an independent living expansion project known as Northside Court. The financing consists of fixed-rate refunding bonds structured with serial and term bonds, a 25-year maturity and level annual debt service. The 2017 refunding bonds include optional redemption provisions of 10 years to enable Brethren to repay the bonds prior to maturity. The Northside Court project financing was structured as a variable rate, tax-exempt direct placement with one bank. The term of the bank commitment is 10 years with a 25-year principal amortization.

June 1, 2017

Michigan Midwest Multifamily

Olympia Development Unveils First Phase of Residential Development at The District Detroit

by Kristin Harlow June 1, 2017

DETROIT — Olympia Development has unveiled the initial phase of residential development at The District Detroit, featuring six buildings. The plan includes the redevelopment of four existing buildings — The Alhambra, The American, The Eddystone and 150 Bagley — as well as the construction of two new buildings. Of the 686 total units, 139 will be designated as affordable housing for those making no more than 80 percent of the area median income. This is Detroit’s single largest project of new market-rate apartment units, affordable units and redeveloped historic buildings in more than 20 years, according to Olympia Development. Olympia Development has teamed up with American Community Developers Inc. on five of the properties near Little Caesars Arena. Bagley Development Group will assist with the redevelopment of 150 Bagley. Construction of the new buildings is expected to begin later this year, with the renovation of existing buildings beginning in 2018. The District Detroit is a 50-block, mixed-use development led by Ilitch Holdings Inc. encompassing theaters, sports venues, restaurants, shops, offices and residential space.

June 1, 2017

Illinois Midwest Multifamily

CBRE Brokers $51.5M Sale of 207-Unit Condominium Property in Chicago

by Kristin Harlow June 1, 2017

CHICAGO — CBRE has brokered the sale of Bel-Harbour in Chicago for $51.5 million. The sale of the 207-unit condominium property is a deconversion to rental units. The 30-story property is located at 420 W. Belmont Ave. in the Lakeview neighborhood. The building features a mix of studio, one- and two-bedroom units. Amenities include a heated indoor pool, sun deck and on-site maintenance and management. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, Bel-Harbour Condo Association. Strategic Properties of North America purchased the property. “This is the largest condo deconversion transaction we have seen in Chicago in a long time,” says Jaeger. “Investors are capitalizing on these opportunities to enter the multifamily market in excellent locations. You can’t build a rental building of this size at this location. As the multifamily market continues to perform at such a high-level, this will be one of the most effective ways investors can bring new rental product to the market.” Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement.

June 1, 2017

Illinois Loans Midwest Multifamily

Tremont Arranges $5.5M Loan for Refinancing of Manufactured Home Community in O’Fallon, Illinois

by Kristin Harlow June 1, 2017

O’FALLON, ILL. — Tremont Realty Capital, a division of The RMR Group, has arranged a $5.5 million loan for the refinancing of Valley View Estates in O’Fallon, about 17 miles east of St. Louis. Tremont arranged the 10-year loan for the 223-unit manufactured home community through a lending relationship.

June 1, 2017

Florida Multifamily Seniors Housing Southeast

Big Rock Partners Tops Off $82M Seniors Housing Project in Celebration, Florida

by John Nelson June 1, 2017

CELEBRATION, FLA. — Big Rock Partners has topped off Windsor at Celebration, a new 239-unit seniors housing property in Celebration, the Disney-originated master-planned community in Central Florida. The independent living, assisted living and memory care project will be situated south of Walt Disney World along Interstate 4. The project team includes architect Gensler and construction manager Balfour Beatty Construction. Windsor at Celebration, which won’t require an up-front entrance fee, will comprise 151 independent living units, 55 one- and two-bedroom assisted living units and 33 one-bedroom memory care residences. Life Care Services, an LCS Co., will manage the new community upon completion. Big Rock Partners has launched preleasing at the project, which is set to open in spring 2018.

June 1, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Secures $21.2M Freddie Mac Green Up Loan for Multifamily Property in Naples, Florida

by John Nelson June 1, 2017

NAPLES, FLA. — NorthMarq Capital has arranged a $21.2 million acquisition loan for Berkshire Reserve, a 146-unit apartment community located in Naples. Lee Weaver and Melissa Marcolini-Quinn of NorthMarq Capital structured the loan through Freddie Mac’s Green Up program on behalf of the borrower, which has committed to saving at least 15 percent in energy or water usage.

June 1, 2017

Alabama Loans Multifamily Southeast

Trillium Capital Arranges $6.5M Freddie Mac Loan for Apartment Community in Decatur, Alabama

by John Nelson June 1, 2017

DECATUR, ALA. — Trillium Capital Resources has arranged a $6.5 million Freddie Mac loan for the refinancing of Summer Key Apartments, a 188-unit multifamily community in Decatur. Trillium arranged the 10-year, non-recourse loan with a fixed interest rate 198 basis points over the 10-year Treasury yield. The loan features a 70 percent loan-to-value ratio.

June 1, 2017

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